Tag: Real Estate
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End of the Hemsworth effect: How the mega wealthy’s beach homes have plunged
It wasn’t alone. The top-end beach locations around Australia have plummeted and Ray White believes even Byron Bay has dropped off and the “Chris Hemsworth” effect has dissipated. Its list of beach suburbs that have lost their shine is led by WA’s Eagle Bay where the median price fell by $701,000, nudging Sunshine Beach into…
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Median house prices doubled in 15 years
It’s often said seven to 10 years is needed for property values to double but new PropTrack analysis shows it took the median house price 15.4 years through to May 2023. It required even longer for units, around 17.8 years. It’s taken just 6.8 years for house prices to increase twofold in Tasmania’s capital city…
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Queensland’s property slump: 60 suburbs and towns fall out of million-dollar club
In Brisbane, 41 suburbs that had previously had a median value above $1 million have since dropped below that level. It regional Queensland, another 21 towns or locations faced the same outcome. Brisbane still had 74 markets above $1 million and the regions 55. “One year and 12 interest rate rises later, membership to the…
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Height of luxury: Emporium Hotel penthouse hits market with cool $30m price tag
The South Brisbane penthouse is on the market for $30m, which if met, will shatter the current record sale price, currently held by the New Farm riverfront mansion at 101 Welsby Street, Brisbane’s residential record smashed in May this year with a $20.5m sale price. Now, the South Brisbane penthouse is hoping to lift the bar…
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To have and have not: Recession ‘a distinct possibility’ as boomers avoid rates impact
Many of Australia’s baby boomer generation were untouched by spiralling interest rates and the real pressure was on younger generations, according to the Real Estate Institute of Queensland. REIQ chief executive Antonia Mercorella cited this week’s report from PEXA which showed that a quarter of the $240 billion in home sales in 2021-22 in the…
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Tough times: Panic sales warning as housing market tipped to plunge
The company, which charts the real estate market, said distressed sales were currently very low but “we can now expect distressed activity to rise based on a new round of forced and panicky selling activity”. Managing director Louis Christopher said he expected this to start in the second half of the year and it would…
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FOMO returns: House prices in Brisbane hit boom time growth levels
While small in overall terms the Brisbane growth would represent boom time increases of almost 17 per cent if they were to carry on over a year. However, many economists believe it is unsustainable with interest rates expecting to continue increasing. CoreLogic said the rate of growth was accelerating across every capital. The national growth…
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Bank predicts u-turn with house prices climbing again next year
Instead of price declines averaging -7 per cent this year, the bank now expects the national market to remain flat after falls of about 10 per cent between April 2022 and January 2023. In Brisbane, the bank has tipped a minor fall of -1 per cent this year with a 6 per cent gain next…
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Tough love: Noosa may have found the way to beat the rental crisis
The Real Estate Institute of Queensland’s latest data has shown the tourist region’s vacancy rate almost doubled in the March quarter to an almost-healthy rate of 2.3 per cent. Local agents remain mystified by the increase and it was only one quarter’s result, but it also followed the council’s moves last year to restrict the…
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Housing collapse: We may be only half way through feared 20 per cent price plunge
He said the current bounce in house prices, led by a recovery in Sydney, would be short-lived and the demand from bargain hunters would run its course. CoreLogic data showed house prices have risen 0.3 per cent in the first two weeks of March across Sydney, Melbourne, Brisbane, Perth and Adelaide, but the company said…